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Private Credit Defaults 101: Beyond the Noise
Like any good school year, this series went by fast. But as class comes to an end, there’s one theme that’s been top of mind here at The Lead: “noise.”
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October 6, 2026 
Fitch Ratings completes peer review of 13 US BDCs
Fitch Ratings has completed a peer review of 13 U.S. business development companies (BDCs).
Sponsored MM leverage falls to its lowest level since 1Q23
Total leverage on sponsored middle market transactions declined to 4.40x in 2Q26 from 4.51x in 1Q26, reaching its lowest level…
Deals and refinancing offset market shocks as LevFin issuance tops 2025 levels
Leveraged finance issuance has remained resilient despite technology-sector volatility and geopolitical turmoil. Combined leveraged loan and high-yield bond volume reached…
Allocations hold steady amid insurer caution
Institutional investors were wary of increasing their private credit exposures in H1. Given all the ‘noise’ around private credit, albeit…
US Leveraged Loan Launch Activity Moderates in July
The US leveraged loan market has recorded $14.01b of new launches through Wednesday, July 22, following $20.91b of issuance the…
US Direct Lending Spread Per Turn of Leverage Widens
Wider spreads and slightly lower leverage provided lenders with better risk-adjusted pricing across all deal sizes in the second quarter.
Concentrated Effort
Tech deals favored upper end of market, especially in 2021 when software valuations peaked. Source: KBRA DLD Research
JV and FinCo Exposure Can Increase Risk for BDCs
Elevated off-balance sheet leverage tied to joint ventures (JVs) and finance companies (FinCos) can alter the risk profile of business development companies (BDCs), according to a new Fitch Ratings report…
PE middle-market TVPI and DPI by fund vintage
Going forward, we expect that returns will be driven by disciplined buying and operational value creation, rather than…
US LBO loan volume reached nearly US$90B in 1H26; direct lending held 43% share
US lenders completed a combined US$34bn of syndicated (US$16.94bn) and direct lending (US$$16.6bn) loan volume backing leveraged buyout activity ub…
Private credit hits the target
Our latest fundraising data shows funds are now much less likely to fall short of their capital-raising aspirations. The most…
Q2 European direct lending activity up 9%
Despite the geopolitical and macroeconomic events of the first half of the year creating a volatile environment, the European private credit market continues to demonstrate robust resilience.
Share of PE middle-market fund count by size bucket
LPs facing constrained distributions are concentrating commitments with a shorter list of established, brand-name managers…
The Lead Left rebrands as The Lead, expanding into a multi-format platform for private capital intelligence
New York, July 16, 2026 – The Lead Left, the private capital thought leadership platform founded by Randy Schwimmer in 2008, today announced its rebrand as The Lead…
Business of Private Credit: Sectors and SIC Codes
We’ve spent the last few weeks covering the businesses of the core middle market. Does that same discipline hold when you move up market?